It’s common for people to send large amounts of money abroad and the best way will depend on your specific situation. When making your decision, it is important to take into consideration things like fees, exchange rate markups, speed and more.
What are the best ways to transfer large amounts of money overseas?
You will find that money transfer specialists often offer more competitive exchange rates and charge lower fees than banks. Currency brokers such as TorFX specialise in large currency transactions, making the process less of a headache. Other transfer providers like Wise are suited towards regular, smaller transfers due to their fee structure.
Pros
Typically cheaper than bank transfers.
Many transfer specialists have personal account managers to provide step-by-step guidance.
Diverse payment options, including payment by credit card, debit card, bank account and more.
Can be sent entirely online.
Cons
Many options exist, so finding the best one may seem tricky.
Some money transfer specialists don’t have transparent fees and exchange rates.
You have to trust a company with your money, so vetting them is important.
We’ve vetted our favourite money transfer specialists for you to save time and money. However, if you would rather compare providers yourself, you can use our comparison table to find the best option. When you have made your choice, simply click Go to site.
2. Cash-to-cash transfers
Sending money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient is under or unbanked. There are several companies that offer cash-to-cash transfers including Ria Money Transfer, MoneyGram and Western Union. Finding the right company for your cash-to-cash transfer is important, so make sure to compare your options.
Pros
Recipient doesn’t need a bank account.
Sender doesn’t need a bank account.
Cash transfers often transfer faster than bank-to-bank transfers.
Cons
Most cash-to-cash specialists have a maximum sending limit.
Large amounts of cash will have to be picked up by the recipient, which could be dangerous.
Higher fees are typically applied to cash-to-cash transfers, compared to using an international money specialist that transfers to a bank account.
Finding the right company to send your cash-to-cash transfer is important, so compare your options to figure out which company sends to your preferred destination and offers the lowest fees and strongest exchange rates.
3. Bank-to-bank transfers
While most banks are able to initiate an overseas transfer, they tend to be the most expensive option. When dealing with smaller transfers, the ease of using your local bank can be worth the fees and unfavourable exchange rate. But for larger transfers, you’ll see a noticeable cut taken. It is also worth keeping in mind that your bank may have wire transfer limits in place, so you’ll need to ask ahead of time if you plan on making a large international wire transfer over a certain amount. UK banks typically add a 3% to 6% markup on exchange rates while transfer providers mostly range from 0.5% to 3%.
Wire transfer. This is where you can send money directly from your bank account to another bank account, usually by filling out a form with the contact and account details of the recipient. This tends to be the more expensive option, and you should double-check how much your bank charges for outgoing international transfers before sending money.
Pros
You already trust your bank with your money.
You can typically initiate the transfer online, in-person or by phone.
You don’t have to trust any companies with your money.
Cons
More expensive than other options due to markup.
Typically far slower than other options.
Have to pay with funds that are already in your bank account.
4. International bank draft
An international bank draft is issued by a bank on behalf of the payer. It allows another bank, typically in another country, to draw funds directly from the issuing bank. International bank drafts can be drawn in a foreign currency, removing the need to speculate on future exchange rates.
Overall, international bank drafts operate similarly to domestic orders sent within the UK, except that they are created in a foreign currency.
Pros
Accepted in many parts of the world.
Relatively cost effective when compared to wire transfers between international banks.
Can only be cashed at a bank by the person listed on the international bank draft.
Cons
Slow, as they have to be physically mailed or hand delivered between countries.
Difficult and time consuming to replace if lost or stolen.
5. Prepaid debit cards
With some services, you can send funds via a prepaid debit card. The sender loads a prepaid debit card with cash funds. The recipient can then withdraw them using the prepaid debit card. Alternatively, you can transfer money from the prepaid card to a bank or card account.
Prepaid debit cards tend not to charge transfer fees. However, you will most likely have to pay an activation fee or monthly fee.
Pros
Relatively cost effective when compared to bank transfers
Recipient doesn’t need a bank account
You can lock in a set exchange rate
Cons
Most prepaid debit cards carry an activation fee or a monthly fee
There may be a limit on how much you can load onto the card
Frequently asked questions
There are several ways that you can transfer large amounts of money internationally. The cheapest and fastest option is most likely an international money transfer provider. Specialist money transfer companies tend to offer the most competitive exchange rates and charge lower fees than your local bank. Use our table to compare providers' transfer speeds and fees.
There is no maximum limit on how much you can transfer overseas. However, you will need to make sure that you file the appropriate tax forms. Additionally, if you are sending £1 million or more overseas, check that your transfer provider can securely handle transfers of that size before getting started.
One of the fastest ways to transfer money internationally is to use a cash pickup service. They allow your recipient to have almost instant access to the money you have sent, without the need for a bank account.
One of the safest ways to send large amounts of money abroad is to use a reputable, regulated money transfer provider or your bank. You will most likely find that specialist money transfer services are less expensive, and have robust security measures that will protect both parties involved.
There is no limit to how much money you can transfer, but in most cases banks and money transfer services will have their own upper limits.
The rules around bringing large sums of cash to another country will depend on which country you are visiting. It is worth checking your destination's custom guidelines before making your trip.
Finder survey: What aspects of an international money transfer service matter most to Brits when choosing one?
31% of people who would use a money transfer service said exchange rate was the most important aspect in choosing a brand.
Response
Exchange rate
31.3%
Fees/commission
29.13%
Don't know
24.2%
Security
24.2%
Speed of transfer
23.48%
Range of payment methods
14.78%
Customer service
14.06%
Overall amount recipient gets
13.77%
Provider reputation
12.32%
Range of pick-up methods
12.03%
Source: Finder survey by Censuswide of Brits, December 2023
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Kevin Chen is a personal finance expert and a former writer at Finder. His expertise has been featured in CNN, U.S. News and World Report, Lifehacker and CreditCards.com, among other top media. See full bio
Revolut has made a name for itself as a favourite for frequent travellers by offering great currency services. Stick within the “fair usage” limit for your plan and the pricing can be hard to beat.
Lloyds Bank provides a range of options for sending money overseas to friends and family. See exchange rates, fees and services here and compare your options.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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